 "Insolvency, IBBI, insolvency and bankruptcy code")
Illustration: Binay Sinha
The Insolvency and Bankruptcy Board of India (IBBI) has lifted the restriction to allow the same insolvency professional for the resolution process of a company as well as its personal guarantor for a better harmonisation and effective coordination of both processes.
The changes made to IBBI – Bankruptcy Process for Personal Guarantors to Corporate Debtors, Regulations, 2019 — came into effect on January 31.
IBBI has also amended the provision regarding the meetings of the Committee of Creditors to make them mandatory in insolvency matters about personal guarantors.
Earlier, after the repayment plan was submitted by the personal guarantor, the resolution professional would evaluate its viability and s…
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